Financial Annual Report... · 2020. 12. 16. · CRC#FORMENTAL#HEALTH#LIMITED#3! Corporate Information ABN 80-151-016-492 Directors • The Hon Dr Michael Wooldridge MBA, MMBS, BSc

CRC FOR MENTAL HEALTH LIMITED 1

Financial Annual Report

For the year ended 30 June 2014

2 CRC FOR MENTAL HEALTH LIMITED

Contents Page Directors’ Report 4 Auditor’s Independence Declaration 13 Statement of Comprehensive Income 14 Statement of Financial Position 15 Statement of Changes in Equity 16 Statement of Cash Flows 17 Notes to the Financial Statements 18 Directors’ Declaration 30 Independent Auditor’s Report 31


Corporate Information ABN 80-151-016-492 Directors

• The Hon Dr Michael Wooldridge MBA, MMBS, BSc (Non-executive Chairman) • Professor Ian Cooke BSc (Hons), PhD, M IP Law, MBA, GAICD (Director and Chief Executive

Officer) • Professor Ralph Martins AO, BSc, PhD • Graeme Prior BCom, CA • Dr Daniel Grant M.Sc, PhD, MBA • Donna Staunton BA LLB, AICD • Dr Kathryn Taylor MBBS MPH GAICD

Company Secretary Simone Quin BCom, CA, GCert ST&C, AGIA Registered Office Level 2, 161 Barry Street, Carlton, VIC, 3053


Directors’ Report The directors of CRC for Mental Health Ltd (CRCMH) submit their report for the year ended 30 June 2014. Directors The names and details of the company’s directors in office during the financial year and until the date of this report are as follows. Directors were in office for this entire period unless otherwise stated. Qualifications, experience and special responsibilities The Hon Dr Michael Wooldridge MBA, MMBS, BSc (Non-executive Chairman) The Hon Dr Michael Wooldridge has extensive experience as a strategic and regulatory advisor to a large range of Australian and overseas companies and organisations in the healthcare, technology and biotechnology fields. He has proven corporate governance skills and Board experience across government, business and health in leading Board and senior management teams, and representing the health concerns of Australian people at a Government level. Dr Wooldridge is trained as a medical practitioner and was formerly the Federal Minster for Health from 1996 until 2001 and a member of the Australian Parliament from 1987 to 2001. Since that time Dr Wooldridge has acted as an adviser within the health industry in a number of capacities including the Federal Government Ministerial Advisory Committee on AIDS, sexual health and hepatitis and Australia21’s think tank on decriminalising drugs. Dr Wooldridge also served as a director on the following companies during the year:

• Australian Pharmaceutical Industries Ltd • The Vision Eye Institute • Aspen Medical Pty Ltd

Dr Wooldridge is also an Adjunct Professor in the Faculty of Medicine, Nursing and Health Sciences at Monash University and an Adjunct Associate Professor in the Faculty of Medicine, University of Melbourne. Professor Ian Cooke, BSc (Hons), PhD, M IP Law, MBA, GAICD (Director and Chief Executive Officer) Dr Ian Cooke is the Chief Executive Officer of the CRC for Mental Health and a member of the Research Management Committee. Prior to joining the CRC in February 2012 he held joint appointments as Professorial Fellow in the Monash University Centre for Science and Wealth Creation and Chief Executive Officer of Foursight Associates Pty Ltd, a science and technology consulting company based in Melbourne.

Dr Cooke’s previous appointments include roles as Managing Director of CNSBio Pty Ltd, a clinical-stage venture capital-backed company spun out of Monash University in 2005 to commercialise novel therapies for the treatment of severe pain, and Associate Director (R&D) of the Macfarlane Burnet Institute for Medical Research and Public Health in Melbourne. Prior to joining the Burnet Institute he was Associate Professor of Biology at Deakin University, following research fellowships in neuroscience at Princeton University and AT&T Bell Laboratories in the USA and a Queen Elizabeth II Research Fellowship at Monash University. He has also served as a non-executive director of several biotechnology companies. Professor Ralph Martins, AO, BSc, PhD Professor Ralph Martins is the Foundation Chair of Ageing and Alzheimer’s Disease at Edith Cowan University, and Research Director at the McCusker Alzheimer’s Research Foundation. Professor Martins was the first to propose and demonstrate that the Alzheimer brain was under oxidative stress, which is now widely recognized by the Alzheimer research community. In 1989 he joined Professor Colin Masters at the University of Melbourne where he was the first to isolate and


characterize the molecular components of the neuropathological hallmarks of Alzheimer’s disease. This led to the creation of new intellectual property and formation of a spin-off company, Alzhyme Pty Ltd. Professor Martins established the Sir James McCusker Alzheimer’s Research Unit at Hollywood Hospital, whose research is directed at the cause(s) and development of diagnostics and treatments. He received the UWA "Excellence in Teaching Award - Post Graduate Research" for 2002 and in 2003 was appointed Senior Editor of the Journal of Alzheimer’s Disease and Editorial Board Member of Current Drug Targets CNS & Neurological Disease. Edith Cowan University appointed him to the Inaugural Chair of Ageing and Alzheimer’s Disease in 2004. He has Adjunct Professorial positions and close ties with clinical academics with both the University of Western Australia and Thomas Jefferson University’s Farber Neurosciences Institute. He is instigator and director of the state government funded Centre of Excellence for Alzheimer’s Disease Research and Care composed of researchers from four universities, three hospitals and two healthcare providers and the Western Australian of the year in 2010. Professor Martins was appointed a member in the Order of Australia in 2013 for distinguished service to medicine in the field of psychiatry through leadership in the research into Alzheimer’s disease and the development of early diagnosis and treatment programs, and to the community of Perth. Professor Martins is also a member of the Research Management Committee. Graeme Prior, BCom, CA Mr Prior is the Chief Executive Officer of the Hall and Prior Residential Health and Aged Care Organisation (Hall & Prior) which he established with Michael Hall. Hall & Prior provides care to around 1,200 high care residential clients and 60 community clients in Perth and Sydney and employs over 1,300 people. Mr Prior is also a:

• Director of the International Federation of Ageing (IFA) • Member of the Curtin Aged Care Advisory Group • Expert Panel member for the National Evidence Based Aged Care Unit (NEBACU) at Adelaide

University • Founding member of the Centre of Excellence for Alzheimer’s Disease Research and Care in

Western Australia • Member of Advisory Committee for Wounds West • Member of Aged Care Industry IT Council (ACIITC) • Active Member of Rotary International • Past president and Board member of the Aged Care Association Australia – Western Australia

(ACAA-WA) – now known as Leading Aged Services Australia (LASA).

In addition, Mr Prior holds a Bachelor of Commerce, is a member of the Institute of Chartered Accountants Australia, a Fellow of the Australian Taxation Institute, a Fellow of the Australian Institute of Management and has previously been employed as an accountant and business advisor at Arthur Anderson, senior taxation manager for Ernst & Young and founding partner of both Golding Partners Chartered Accountants and Forrest Partners Chartered Accountants. Mr Prior is also Chair of the Audit & Risk Committee. Dr Daniel Grant, MSc, PhD, MBA Dr Grant is the Senior Director and Head of Pfizer’s External Research and Development Innovation (ERDI) group in Australia and leads of ERDI’s Open Innovation efforts. He is also a member of the Pfizer Australia Medical Department’s leadership team. He is responsible for identifying, evaluating and managing collaborative opportunities that arise from Australia’s research landscape and that align with Pfizer’s strategic direction. He is also responsible for managing ERDI’s global Open Innovation efforts.


Prior to joining Pfizer, Dr Grant was a senior business development manager at Melbourne Ventures, a member of the Investment Committee for Uniseed and a Senior Business Development Manager for Biocomm Services. In these roles he was responsible for technology evaluation, commercialisation and spin-out company formation. Dr Grant also spent 10 years as a Senior Scientist and Senior Research Fellow at the Ritchie Centre for Baby Health Research at Monash University. Dr Grant has sat on the board of a number of biotechnology spin-out companies and is a past Director of Research Australia. He holds a PhD in Cardiovascular Physiology, an M.Sc in Respiratory Physiology and an MBA. He has more than 15 years experience in applied biomedical research and has published 37 book chapters, journal articles, and invited reviews. Dr Grant also chairs the CRC’s IP and Commercialisation Committee. Dr Kathryn Taylor, MBBS, MPH, GAICD Dr Taylor brings experience in corporate strategy, business plan development and evaluation, new business building and corporate social responsibility. Dr Taylor is an Australian medical doctor and public health specialist and is a graduate of the Australian Institute of Company Directors. She is currently a visiting fellow at the Nossal Institute for Global Health and leads KT Consulting. She also chairs the board of the Australian Fertility Medicine Foundation.

Dr Taylor trained as a medical doctor and was awarded a Fulbright scholar ship to complete a masters degree in public health. She worked with McKinsey and Company as a management consultant, the World Economic Form as Director of the Global Health Initiative, the International AIDS Vaccine Initiative , and GlaxoSmithKline Biologicals where she was Vice President of Global Vaccine Policy and Public Health Partnerships.

Dr Taylor chairs the Biobanks Committee and serves on the Audit & Risk Committee.

Donna Staunton, BA, LLB, AICD Ms Staunton has extensive corporate and government experience in both the public and private sectors, in listed and unlisted companies and in the not-for-profit area. Ms Staunton originally trained as a lawyer and spent a number of years working at the associate level with one of the largest law firms in Australia. After leaving her law practice (and before establishing The Strategic Counsel), Ms Staunton moved into roles on the Senior Management Teams of a Fortune 500 Company; an ASX Top 20 Company; and CSIRO, the largest Non-Government research organisation in Australia. She was also the first woman to sit on the Business Council of Australia. Ms Staunton has served on the boards of Workcover NSW, The National Breast Cancer Centre, The Global Foundation, CSIRO Publishing and The Institute of Public Affairs. She is also a member of The Australian Institute of Company Directors. In her current role as Managing Director of The Strategic Counsel, Ms Staunton provides strategic advice to help her clients succeed in the highly regulated and complex healthcare marketplace. Her company provides insight, advice and assistance relating to politics, healthcare and regulation to clients in Australia and overseas.

Ms Staunton is also CEO of the Hearing Care Industry Association and is a member of the Audit & Risk Committee.


Key Management Personnel Chief Scientific Officer Professor Ashley Bush, MB BS, DPM, FRANZCP, PhD, FTSE Professor Ashley Bush is a psychiatrist and translational neuroscientist and the Chief Scientific Officer of the CRC for Mental Health. Professor Bush heads the Oxidation Biology Unit at The Florey Institute of Neuroscience & Mental Health at The University of Melbourne, is co-director of Biomarker Discovery within the Australian Imaging Biomarker Lifestyle Flagship Study of Ageing (AIBL), and has appointments at the Massachusetts General Hospital (MGH), Boston USA. He is the recipient of numerous awards including the Beeson Award from the American Federation of Aging Research, the Senator John T. Hatfield Award from the US Alzheimer’s Association, the Potamkin Prize for Alzheimer's disease research, the Schering-Plough Senior Research Award from the Australian College of Psychiatrists, and in 2011, the Australia Fellowship from the National Health and Medical Research Council (NHMRC). He is the most highly cited neuroscientist in Australia over the last 10 years, and in 2014 was listed in the Thompson ISI list of The World’s Most Influential Scientific Minds.

Professor Bush has authored over 300 publications, with over 21,000 citations, 23 patents and has founded 4 biotechnology companies. After training in medicine and psychiatry, he received his PhD in Colin Masters’ laboratory at the University of Melbourne in 1993, performed post-doctoral studies with Rudy Tanzi at MGH, directed a laboratory at MGH from 1995 to 2005, whereupon he was appointed as ARC Federation Fellow and Professor of Pathology at his current location. He discovered the interaction of beta-amyloid with zinc as a major factor in Alzheimer’s disease pathogenesis, and focuses on the neurobiology of metal ions and oxidative stress in neurodegenerative and psychiatric disorders. Chief Financial Officer and Company Secretary Simone Quin BCom, CA, GCert ST&C, AGIA

Simone Quin has a Bachelor of Commerce from the University of Melbourne and a Graduate Certificate in Science and Technology Commercialisation from Adelaide University, a Graduate Diploma in Applied Corporate Governance and is a member of the Institute of Chartered Accountants and the Governance Institute of Australia.

Simone has held previous roles as Senior Manager at PricewaterhouseCoopers in the tax group. Simone has worked at UoM Commercial Ltd, the University of Melbourne’s technology commercialisation arm, the CRC for Innovative Dairy Products, the Victorian Government and Victoria University of Technology. Simone is currently a Director of consulting services company, Red Sunflower Pty Ltd and a director of the Villa Alba Museum in Kew, Victoria.

Deputy Chief Scientific Officer Associate Professor Simon Laws, Deputy Chief Scientific Officer BSc PhD Associate Professor Simon Laws is the leader of the Genomics group in the Centre of Excellence of Alzheimer’s Disease Research and Care at Edith Cowan University. He completed his PhD at the University of Western Australia in 2003, focusing on genetic risk factors for Alzheimer’s disease. Subsequently he worked within the start-up company Alzhyme Pty Ltd, which focused on novel peptide treatments for Alzheimer’s disease.

In mid-2004 he moved to the Technical University of Munich continuing his work in the genetics of Alzheimer’s diease including a Genome Wide Association study in addition to fine mapping of candidate risk genes. In 2009 he returned to Australia to continue his work on biomarkers for Alzheimer’s disease at Edith Cowan University. He is currently the genomics leader and part of the biomarker research committee within the multi-centre Australian Imaging, Biomarker and Lifestyle (AIBL) study of ageing. His current research has an emphasis on the utilisation of sophisticated genomic approaches to identify genetic variants and to elucidate their functional implications with respect to Alzheimer’s disease pathomechanisms.


Co-ordinator, Psychosis and Mood Disorders Program Professor Brian Dean, HND ApplBiol, MSc, PhD, Fl Biol. CBiol.

Professor Dean is a NHMRC Senior Research Fellow and Head of the Molecular Psychiatry Laboratory at the Florey Institute for Neuroscience and Mental Health in Melbourne. He holds a co-joint appoint with the Florey Institute for Neuroscience and Mental Health and the Department of Psychiatry, the University of Melbourne and has now published more than over 200 papers on the neuropsychopharmacology of psychotropic drugs and the pathophysiology of schizophrenia, bipolar disorder and major depressive disorders.

Bioinformatics Leader Dr Noel Faux, Bioinformatics Leader BSc (Hons), PhD, GD.CompSc

Dr Noel Faux is a molecular biologist and bioinformatician, who leads the CRC’s bioinformatics initiative across all research programs. Dr Faux also holds an appointment as Research Fellow with the Florey Institute for Neuroscience and Mental Health.

Dr Faux holds a Bachelor of Science (Hons), Graduate Diploma of Computer Science and completed his PhD at Monash University on the role of single amino acid repeats in protein function and evolution. Since then, he has held positions with Monash University, National ICT Australia, the University of Melbourne Pathology Department and the Mental Health Research Institute. He has extensive experience in building software solutions for the management of biological data including crystallography and clinical data, as well as the application of statistical and machine learning techniques for the discovery of biomarkers for cancers and mental illnesses. Communications and Education Manager Melanie Carew BAppSc(Hons), BBA(Management), Grad. Cert (Arts)

Ms Melanie Carew holds a Bachelor of Applied Science (Hons), a Bachelor of Business (Management), a Postgraduate Certificate in Arts and in 2014 is undertaking Leadership Victoria’s Williamson Community Leadership Programme. Melanie has experience in communication and project management within Cooperative Research Centres as well as with large multi-disciplinary research teams in State Government. She has previously been employed as Communications Manager at both the Oral Health CRC and the Molecular Plant Breeding CRC, and has also undertaken a short-term consultancy role with the AutoCRC. Melanie’s career as a science communicator and educator has included engaging various audiences on diverse topics including biotechnology, genetically modified crops, evidence based dental techniques, cleaner production for the dairy industry, environmental flows, and Victorian State Government drought contingency plans.

Short and long term objectives and strategy The objective of the company is to conduct world class programs of biomedical research, education and training that will make a substantial contribution to improving the treatment and prevention of mental illness in Australia and internationally. The company is funded for a seven-year term ending on 30 June 2018 by the Commonwealth Department of Industry (DI) under the Cooperative Research Centres Program. In addition, the company receives substantial cash and in-kind contributions from its Participants that are used to support the company’s principal activities. Principal activities The company conducts collaborative, multi-disciplinary research and development programs that are designed to improve the treatment and prevention of different forms of mental illness, including dementias, psychoses and mood disorders. Additionally, the company is engaged in the training of postgraduate research students in the biomedical sciences and in the development and implementation of novel education and training programs for aged care workers. The company is responsible for the protection and commercialisation of new intellectual property that may arise from the research program.


The company commenced activities on 1 July 2011 and there have been no significant changes in the nature of the company’s activities since that time. Operating and financial review

The company’s financial position is strong with most budgeted contributions from partners being received. The company’s surplus for the year was $85,296 (2013: $985,550). The Statement of Cash Flows illustrates that there was an increase in the cash balance to $2,653,865 (2013: $2,540,346) as at 30 June 2014.

The CRCMH is incorporated as a not for profit company limited by guarantee and the head office is based on level 2 of the Alan Gilbert Building at 161 Barry Street, Carlton, Victoria. It is a public company for the purposes of the Corporations Act 2001. The company has an income tax exempt status and is therefore not required to prepare or lodge income tax returns with the Australia Taxation Office (ATO). The CRCMH also has DGR (deductible gift recipient) status as a health promotion charity which enables those that make charitable contributions to the CRCMH to deduct them for tax purposes. The company retains a separate bank account to hold and manage charitable contributions for funds. The CRCMH is governed by the Australian Charities and Not for Profit Commission.

If the company is wound up, the Constitution states that each member is required to contribute to a maximum of $10 towards any outstanding obligations of the company. At 30 June 2014 the number of members was ten and as such the combined total amount that members of the company are liable to contribute if the company is wound up is $100.

The company is entitled to receive financial contributions from the following participants:

• The Florey Institute of Neuroscience and Mental Health

• McCusker Alzheimer’s Research Foundation

• Hall & Prior Aged Care

• Edith Cowan University

• The University of Western Australia

• Austin Health

• Alzhyme Pty Ltd

• Pfizer Inc

• Lawley Pharmaceuticals Pty Ltd.

The funds received are directed toward the research and education objectives outlined in the Commonwealth Agreement and as determined by the Board.

Risk Management

The company takes a proactive approach to risk management. The Board is responsible for ensuring that risks and opportunities are identified on a timely basis and that the company’s objectives and activities are being aligned with the risks and opportunities identified. The Board has a number of mechanisms in place to manage risk. These include:

• An Audit & Risk Committee to oversee risk management monitoring for the CRC.

• The ongoing review of the Risk Management Plan, to identify the risks and strategies to deal with those risks. The Plan was revised again in 2014.

• The implementation of a policy and process to deal with conflicts of interest.

• The establishment of a panel of experts to review and strategically recommend future research investment by the CRC. Presentations were made by CRC researchers to the panel in August 2013 and March 2014. As a result the research reporting process was amended to focus and


highlight the research and commercial outcomes and research funding was redirected in some instances.

• A Biobanks Committee of the Board to oversee the management of the various biobanks generated out of CRC research activities and to ensure its legacy beyond the current term of the CRC.

• An annual budgeting setting process is undertaken on a calendar year basis to ensure that research partners are best able to accommodate staff appointments to match the requirements of the CRC’s research program. The board also monitors quarterly research reporting.

Significant changes in the state of affairs

There were no significant changes in the company’s state of affairs during the financial year, other than those referred to elsewhere in this report.

Significant events after balance date

No matters or circumstances have arisen since the end of the financial year which significantly affected or may significantly affect the operations of the company, the results of those operations, or the state of affairs of the company in future financial years.

The CRC has received all budgeted contributions from participants during the financial year, with the exception of one participant. As at 30 June 2014, a shortfall for the year ended 30 June 2014 existed which has since been paid. The CRC continues to actively and constructively work with that participant regarding remaining contributions outstanding with regular and productive meetings held throughout the year. The executive board maintains oversight of this issue.

Likely developments and expected results

The company expects to maintain the present status and level of operation.

Directors meetings The number of meetings of directors (including meetings of Committees of directors) held during the year and the number of meetings attended by each director were as follows:

Director Director’s meeting

Research Management Committee

Education Committee

Audit & Risk

Committee

IP & C* Committee

Biobanks Committee

No. of meetings held:

6 2 1 6 3 5

No. of meetings attended:

The Hon Dr Michael Wooldridge

6 N/A N/A N/A N/A N/A

Professor Ian Cooke 5 2 1 6 3 3 Professor Ralph Martins 5 2 N/A N/A N/A N/A Dr Daniel Grant 6 2 N/A N/A N/A N/A Mr Graeme Prior 6 N/A N/A 6 N/A N/A Dr Kathryn Taylor 6 N/A N/A 6 N/A 5 Ms Donna Staunton 6 N/A N/A 6 N/A N/A

* Intellectual Property & Commercialisation Committee membership As of the date of this report, the company had an Audit & Risk Committee, a Research Management Committee, an Intellectual Property and Commercialisation Committee, a Biobanks Committee and an Education Committee of the Board of directors.


The Audit & Risk Committee provides a general oversight of CRC for Mental Health’s affairs in the areas of financial accounting and reporting, risk management and the underlying internal control environment for the CRC.

The Research Management Committee is chaired by the CRC for Mental Health’s Chief Scientific Officer, Professor Ashley Bush. The Committee oversees the day to day running of the research programs, including ensuring that projects have appropriate resources and are progressing satisfactorily. The Committee is responsible for:

• Developing scientific directions; • Monitoring progress and identifying roadblocks; • Conducting annual reviews; and • Making scientific recommendations to the Board.

The Intellectual Property and Commercialisation Committee was established to assist the CRC in decisions relating to the protection and commercialisation of CRC intellectual property.

The Biobanks Committee oversees the operations of the various CRCMH Biobanks to ensure that the CRCMH cohort studies are conducted ethically and that the data and materials encompassed with each CRCMH biobank are utilised equitably and in a manner that is consistent with the goals of the CRCMH and with the general objective of maximizing the overall utility of the biobank to researchers within and external to the CRCMH.

The Biobanks Committee will keep itself informed of new developments relevant to the legal and ethical responsibilities of organisations that establish, maintain and provide access to biobanks and will advise the Board of the CRC for Mental Health on any developments that have implications for the Board or, more broadly, for the CRC for Mental Health.

An Education Committee has been established to review CRC studentship and scholarship applications as well as additional opportunities for students and to help facilitate the translation of research findings into the clinic and health care facilities.

Members acting on the Committees of the board held during the year were: Audit & Risk Committee

• Mr Graeme Prior (Chair) • Ms Donna Staunton • Dr Kathryn Taylor

Education Committee

• Professor Ian Cooke (Chair) • Ms Melanie Carew (CRCMH) • Professor Fran McInerney (Mercy Health) • Professor Ashley Bush (CRCMH / Florey) / Associate Professor Simon Laws (CRCMH / ECU)

Research Management Committee The full membership of the RMC includes all project leaders as follows:

• The Chief Scientific Officer (Chair) • CEO (ex-officio)

Representing Neurodenegeration research

• Professor Ashley Bush (Florey) • Dr Kevin Barnham (UoM / Florey) • Professor Malcolm Horne (Florey) • Professor Ralph Martins (ECU)

A member firm of Ernst & Young Global LimitedLiability limited by a scheme approved under Professional Standards Legislation

Ernst & Young8 Exhibition StreetMelbourne VIC 3000 AustraliaGPO Box 67 Melbourne VIC 3001

Tel: +61 3 9288 8000Fax: +61 3 8650 7777ey.com/au

Auditor’s Independence Declaration to the Directors of CRC for MentalHealth Ltd

In relation to our audit of the financial report of CRC for Mental Health Ltd for the financial year ended30 June 2014, to the best of my knowledge and belief, there have been no contraventions of the auditorindependence requirements of the Corporations Act 2001 or any applicable code of professional conduct.

Ernst & Young

Paul GowerPartnerMelbourne13 October 2014


Statement of Comprehensive Income FOR THE YEAR ENDED 30 June 2014

Notes 2014 $

2013 $

Contributions from the Commonwealth 3,650,000 3,850,000 Contributions from Participants 1,612,527 2,598,542 Interest income 4 36,859 31,987 Other income 4 7,238 48,500 Total Income 5,306,624 6,529,029 Program expenses 3,950,830 4,523,952 Administrative expenses 4 442,299 269,490 Employment expenses 4 825,591 747,885 Depreciation expense 8 2,608 2,152 Total Expenses 5,221,328 5,543,479 Total surplus for the period 85,296 985,550 Other comprehensive income

- -

Total comprehensive income 85,296 985,550 The above Statement of Comprehensive Income should be read in conjunction with the accompanying notes.


Statement of Financial Position As at 30 June 2014

Notes 2014 $

2013 $

ASSETS Current assets Cash and short term deposits 6 2,653,865 2,540,648 Prepayments 18,182 - Trade and other receivables 7 19,365 33,547 Total current assets 2,691,412 2,574,195 Non-current assets Property, plant and equipment 8 9,476 6,334 Total non-current assets 9,476 6,334 TOTAL ASSETS 2,700,888 2,580,529 LIABILITIES Current liabilities Trade and other payables 9 1,427,091 1,414,786 Provisions 10 62,004 39,246 Total current liabilities 1,489,095 1,454,032 Non-current liabilities - - TOTAL LIABILITIES 1,489,095 1,454,032 NET ASSETS 1,211,793 1,126,497 ACCUMULATED FUNDS Current year surplus 85,296 985,550 Retained surplus 1,126,497 140,947 TOTAL ACCUMULATED FUNDS 1,211,793 1,126,497

The above Statement of Financial Position should be read in conjunction with the accompanying notes.


Statement of Changes in Equity FOR THE YEAR ENDED 30 June 2014

2014 $

2013 $

Retained Surplus 1,126,497 140,947 Current year surplus 85,296 985,550 Total Accumulated Funds 1,211,793 1,126,497

The above Statement of Changes in Equity should be read in conjunction with the accompanying notes.


Statement of Cash Flows FOR THE YEAR ENDED 30 June 2014

Notes 2014 $

2013 $

Cash flows from operating activities Receipts from Commonwealth (inclusive of GST) 4,015,000 4,235,000 Receipts from participants (inclusive of GST) 1,743,780 2,858,396 Payments to suppliers and personnel (inclusive of GST) (5,683,397) (6,166,038) Interest received 36,859 31,987 Receipt of government grants and other payments 7,874 53,350 Net cash flows from / (used in) operating activities 6 (b) 120,116 1,012,695 Cash flows from investing activities Purchase of property, plant and equipment (6,899) - Net cash flows from / (used in) investing activities (6,899) - Net increase / (decrease) in cash and cash equivalents 113,217 1,012,695 Cash and cash equivalents at beginning of period 2,540,648 1,527,953 Cash and cash equivalents at end of period 6 (a) 2,653,865 2,540,648

The above Statement of Cash Flows should be read in conjunction with the accompanying notes.


Notes to the Financial Statements FOR THE YEAR ENDED 30 June 2014 1. CORPORATE INFORMATION The financial report of the CRC for Mental Health Ltd for the year ended 30 June 2014 was authorised for issue in accordance with a resolution of the directors on 13 October 2014. The CRC for Mental Health Ltd is a company limited by guarantee incorporated in Australia and has no ordinary shares issued. If the Company is wound up, the Constitution states that each member is required to contribute a maximum of $10 each towards meeting any outstanding obligations of the Company. At 30 June 2014 the number of members was ten. The nature of the operations and principal activities of the Company are described in the Directors’ Report. 2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

(a) Basis of preparation

The financial report is a general purpose financial report, which has been prepared in accordance with the requirements of the Corporations Act 2001, Australian Accounting Standards and other authoritative pronouncements of the Australian Accounting Standards Board. The financial report has also been prepared on a historical cost basis.

The financial report is presented in Australian dollars.

(b) New Accounting Standards and Interpretations

The Company has adopted the following new and amended Australian Accounting Standards and AASB Interpretations as of 1 July 2013.

• AASB 10 - Consolidated Financial Statements • AASB11 - Joint Arrangements • AASB 12 - Disclosure of Interest in Other Entities • AASB 13 - Fair Value Measurement • AASB 119 - Employee Benefits • AASB 127 - Separate Financial Statements • AASB 2012-2 - Amendments to Australian Accounting Standards - Disclosures -

Offsetting Financial Assets and Financial Liabilities • AASB 2012-5 - Amendments to Australian Accounting Standards arising from Annual

Improvements 2009-2011 Cycle • AASB2012-9 - Amendment to AASB 1048 arising from the withdrawal of Australian

Interpretation • AASB CF 2013-1 Amendments to the Australian Conceptual Framework.

The above new and amended Australian Accounting Standards and AASB Interpretation did not have any material impact on the accounting policies, financial position or performance of the Company.


The following standards and interpretations have been issued by the AASB but are not yet effective for the period ended 30 June 2014:

Reference Title Summary Application

date of standard

AASB 2012-3 Amendments to Australian Accounting Standards - Offsetting Financial Assets and Financial Liabilities

AASB 2012-3 adds application guidance to AASB 132 Financial Instruments: Presentation to address inconsistencies identified in applying some of the offsetting criteria of AASB 132, including clarifying the meaning of "currently has a legally enforceable right of set-off" and that some gross settlement systems may be considered equivalent to net settlement. We have assessed the impact of the implementation of this standard noting no material impacts on the company’s financial statements.

1 July 2014

AASB 9 Financial Instruments

AASB 9 includes requirements for the classification and measurement of financial assets. It was further amended by AASB 2010-7 to reflect amendments to the accounting for financial liabilities. These requirements improve and simplify the approach for classification and measurement of financial assets compared with the requirements of AASB 139. The AASB issued a revised version of AASB 9 (AASB 2013-9) during December 2013. The revised standard incorporates three primary changes: 1. New hedge accounting requirements including

changes to hedge effectiveness testing, treatment of hedging costs, risk components that can be hedged and disclosures

2. Entities may elect to apply only the accounting for gains and losses from own credit risk without applying the other requirements of AASB 9 at the same time

In February 2014, the IASB tentatively decided that the mandatory effective date for AASB 9 will be 1 January 2018. We have assessed the impact of the implementation of this standard and anticipate it will have minimal impact on the company’s financial statements.

1 July 2018

AASB 1031 Materiality The revised AASB 1031 is an interim standard that cross-references to other Standards and the Framework (issued December 2013) that contain guidance on materiality. AASB 1031 will be withdrawn when references to AASB 1031 in all Standards and Interpretations have been removed. We have assessed the impact of the implementation of this standard noting no material impacts on the company’s financial statements.

1 July 2014


Reference Title Summary Application

date of standard

Amendments to IAS 16 and IAS 38

Clarification of Acceptable Methods of Depreciation and Amortisation (Amendments to IAS 16 and IAS 38)

IAS 16 and IAS 38 both establish the principle for the basis of depreciation and amortisation as being the expected pattern of consumption of the future economic benefits of an asset. The IASB has clarified that the use of revenue-based methods to calculate the depreciation of an asset is not appropriate because revenue generated by an activity that includes the use of an asset generally reflects factors other than the consumption of the economic benefits embodied in the asset. The IASB also clarified that revenue is generally presumed to be an inappropriate basis for measuring the consumption of the economic benefits embodied in an intangible asset. This presumption, however, can be rebutted in certain limited circumstances. We have assessed the impact of the implementation of this standard and anticipate it will have minimal impact on the company’s financial statements.

1 July 2018

IFRS 15 Revenue from Contracts with Customers

IFRS 15 establishes principles for reporting useful information to users of financial statements about the nature, amount, timing and uncertainty of revenue and cash flows arising from an entity’s contracts with customers. The core principle of IFRS 15 is that an entity recognises revenue to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. An entity recognises revenue in accordance with that core principle by applying the following steps: (a) Step 1: Identify the contract(s) with a customer (b) Step 2: Identify the performance obligations in the contract (c) Step 3: Determine the transaction price (d) Step 4: Allocate the transaction price to the performance obligations in the contract (e) Step 5: Recognise revenue when (or as) the entity satisfies a performance obligation Early application of this standard is permitted. The AASB has not yet adopted the amendment to this standard. We are assessing the impact of this amendment.

1 July 2017

(c) Revenue recognition

Revenue is recognised and measured at fair value of the consideration received or receivable to the extent it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. The following specific recognition criteria must also be met before revenue is recognised:

Contributions Contributions from the Commonwealth and the Participants are recognised in line with the requirement of AASB 1004 Contributions. Income is measured at the fair vale of the contributions received or


receivable. Income arising from the contribution is recognised when, and only when, all of the following conditions have been satisfied: a) the entity obtains control of the contribution or the right to receive the contribution; b) it is probable that the economic benefits comprising the contribution will flow to the entity; and c) the amount of the contribution can be measured reliably. Interest Revenue is recognised as the interest accrues using the effective interest method. This is a method of calculating the amortised cost of a financial asset and allocating the interest income over the relevant period using the effective interest rate, which is the rate that exactly discounts estimated future cash receipts through the expected life of the financial asset to the net carrying amount of the financial asset.

(d) Government grants

Government grants which are non-reciprocal in nature will be recognised at fair value of the contributions received or receivable when the Company obtains control of the contribution or the right to receive the contribution is established.

(e) Income and other taxes

The Company is exempt from income tax pursuant to the provisions of subdivision 50-B of the Income Tax Assessment Act 1997 and receives GST concessions under division 176 of A New Tax System Act 1999 and FBT exemptions under section 123D of the Fringe Benefits Tax Assessment Act 1986.

Revenues, expenses and assets are recognised net of the amount of GST except:

§ when the GST incurred on a purchase of goods and services is not recoverable from the taxation

authority, in which case the GST is recognised as part of the cost of acquisition of the asset or as part of the expense item as applicable; and

§ receivables and payables are stated with the amount of GST included.

The net amount of GST recoverable from, or payable to, the taxation authority is included as part of receivables or payables in the Statement of Financial Position.

(f) Property, plant and equipment

Property, plant and equipment is stated at cost less accumulated depreciation and any impairment in value.

Depreciation is calculated on a straight-line basis over the estimated useful life of the asset as follows:

§ Computer equipment – over 3 - 6 years

The assets’ residual values, useful lives and amortisation methods are reviewed, and adjusted as appropriate, at each financial year end. Disposal An item of property, plant and equipment is derecognised upon disposal or when no further future economic benefits are expected from its use or disposal. Any gain or loss arising on derecognition of the asset (calculated as the difference between the net disposal proceeds and the carrying amount of the item) is included in the Statement of Comprehensive Income in the year the item is derecognised.

(g) Current versus non-current classification The Group presents assets and liabilities in statement of financial position based on current/non-current classification. An asset as current when it is: - Expected to be realised or intended to sold or consumed in normal operating cycle - Held primarily for the purpose of trading - Expected to be realised within twelve months after the reporting period, or


- Cash or cash equivalent unless restricted from being exchanged or used to settle a liability for at least twelve months after the reporting period All other assets are classified as non-current. A liability is current when: - It is expected to be settled in normal operating cycle - It is held primarily for the purpose of trading - It is due to be settled within twelve months after the reporting period, or - There is no unconditional right to defer the settlement of the liability for at least twelve months after the reporting period The Group classifies all other liabilities as non-current.

(h) Cash and short-term deposits

Cash and short-term deposits in the Statement of Financial Position comprise cash at bank and in hand.

For the purposes of the Statement of Cash Flows, cash and cash equivalents consist of cash and short-term deposits as defined above.

(i) Financial Instruments – initial recognition and subsequent measurement

Financial Assets Initial recognition and measurement

Financial assets within the scope of AASB 139 are classified as financial assets at fair value through profit or loss, loss and receivables, held-to-maturity investments, available-for-sale financial assets, or as derivatives designated as hedging instruments in an effective hedge, as appropriate. The Company determines the classification of its financial assets at initial recognition. All financial assets are recognised initially at fair value plus transaction costs, except in the case of financial assets recorded at fair value through profit or loss. Purchases of sales of financial assets that require delivery of assets within a time frame established by regulation or convention in the market place (regular way trades) are recognised on the trade date, i.e., the date the Company commits to purchase or sell the asset. The Company’s financial assets include cash and short-term deposits, trade and other receivables, loans and other receivables, quoted and unquoted financial instruments and derivative financial instruments.

Subsequent measurement

The subsequent measurement of financial assets depends on their classification as described below: Loans and receivables

Loans and receivables are non-derivative financial assets with fixed or determinable payments that are not quoted in an active market. After initial measurement, such financial assets are subsequently measured at amortised cost using the EIR method, less impairment. Amortised cost is calculated by taking into account any discount or premium on acquisition and fees or costs that are an integral part of the EIR. The EIR amortisation is included in finance income in the Statement of Comprehensive Income. The losses arising from impairment are recognised in the Statement of Comprehensive Income in finance costs for loans and in cost of sales or other operating expenses for receivables. De-recognition

A financial asset (or, where applicable, a part of a financial asset or part of a group of similar financial assets) is de-recognised when: • The rights to receive cash flows from the asset have expired


• The Company has transferred its rights to receive cash flows from the asset or has assumed an obligation to pay the received cash flows in full without material delay to a third party under a “pass-through” arrangement; and either (a) the Company has transferred substantially all the risks and rewards of the asset, or (b) the Company has neither transferred nor retained substantially all the risks and rewards of the asset, but has transferred control of the asset.

When the Company has transferred its rights to receive cash flows from an asset or has entered into a pass-through arrangement, it evaluates if and to what extent it has retained the risks and rewards of ownership. When it has neither transferred nor retained substantially all of the risks and rewards of the asset, nor transferred control of the asset, the asset is recognised to the extent of the Company’s continuing involvement in the asset. In that case, the Company also recognises an associated liability. The transferred asset and the associated liability are measured on a basis that reflects the rights and obligations that the Company has retained.

Continuing involvement that takes the form of a guarantee over the transferred asset is measured at the lower of the original carrying amount of the asset and the maximum amount of consideration that the Company could be required to repay.

Impairment of financial assets

The Company assesses, at each reporting date, whether there is any objective evidence that a financial asset or a group of financial assets is impaired. A financial asset or a group of financial assets is deemed to be impaired if, and only if, there is objective evidence of impairment as a result of one or more events that has occurred after the initial recognition of the asset (an incurred “loss event”) and that loss event has an impact on the estimated future cash flows of the financial asset or the group of financial assets that can be reliably estimated. Evidence of impairment may include indications that the debtors or a group of debtors is experiencing significant financial difficulty, default or delinquency in interest or principal payments, the probability that they will enter bankruptcy or other financial reorganisation and when observable data indicate that there is a measurable decrease in the estimated future cash flows, such as changes in arrears or economic conditions that correlate with defaults.

Financial assets carried at amortised cost

For financial assets carried at amortised costs, the Company first assesses whether objective evidence of impairment exists individually for financial assets that are individually significant, or collectively for financial assets that are not individually significant. If the Company determines that no objective evidence of impairment exists for an individually assessed financial asset, whether significant or not, it includes the asset in a group of financial assets with similar credit risk characteristics and collectively assesses them for impairment. Assets that are individually assessed for impairment and for which an impairment loss is, or continues to be, recognised are not included in a collective assessment of impairment. If there is objective evidence that an impairment loss has been incurred, the amount of the loss is measured as the difference between the asset’s carrying amount and the present value of estimated future cash flows (excluding future expected credit losses that have not yet been incurred). The present value of the estimated future cash flows is discounted at the financial asset’s original effective interest rate. If a loan has a variable interest rate, the discount rate for measuring any impairment loss is the current EIR. The carrying amount of the asset is reduced through the use of an allowance account and the amount of the loss is recognised in the Statement of Comprehensive Income. Interest income continues to be accrued on the reduced carrying amount and is accrued using the rate of interest used to discount the future cash flows for the purpose of measuring the impairment loss. The interest income is recorded as part of finance income in the Statement of Comprehensive Income. When there is no realistic prospect of future recovery and all collateral has been realised or has been transferred to the Company. If, in a subsequent year, the amount of the estimated impairment loss increases or decreases because of an event occurring after the impairment was recognised, the previously recognised impairment loss is increased or reduced by adjusting the allowance account. If a future write-off is later recovered, the recovery is credited to finance costs in the Statement of


Comprehensive Income. Financial liabilities

Initial recognition and measurement Financial liabilities within the scope of AASB 139 are classified as financial liabilities at fair value through profit or loss, loans and borrowings, or as derivatives designated as hedging instruments in an effective hedge, as appropriate. The Company determines the classification of its financial liabilities at initial recognition. All financial liabilities are recognised initially at fair value plus, in the case of loans and borrowings, directly attributable transaction costs. The Company’s financial liabilities include trade and other payables, bank overdrafts, loans and borrowings, financial guarantee contracts, and derivative financial instruments. Subsequent measurement The measurement of financial liabilities depends on their classification, described as follows: Financial liabilities at fair value through profit or loss Financial liabilities are classified as held for trading if they are acquired for the purpose of selling in the near term. This category includes derivative financial instruments entered into by the Company that are not designated as hedging instruments in hedge relationships as defined by AASB 139. Separated embedded derivatives are also classified as held for trading unless they are designated as effective hedging instruments.

Gains or losses on liabilities held for trading are recognised in the Statement of Comprehensive Income.

Financial liabilities designated upon initial recognition at fair value through profit and loss so designated at the initial date of recognition, and only if criteria of AASB 139 are satisfied. The Company has not designated any financial liability as at fair value through profit or loss.

Loans and borrowings After initial recognition, interest bearing loans and borrowings are subsequently measured at amortised cost using the EIR method. Gains and losses are recognised in the Statement of Comprehensive Income when the liabilities are derecognised as well as through the EIR amortisation process. Amortised cost is calculated by taking into account any discount or premium on acquisition and fees for costs that are an integral part of the EIR. The EIR amortisation is included in finance costs in the Statement of Comprehensive Income. De-recognition A financial liability is derecognised when the obligation under the liability is discharged or cancelled or expires. When an existing financial liability is replaced by another from the same lender on substantially different terms, or the terms of an existing liability are substantially modified, such an exchange or modification is treated as the de-recognition of the original liability and the recognition of a new liability. The difference in the respective carrying amounts is recognised in the Statement of Comprehensive Income. Fair value of financial instruments The fair value of financial instruments that are trades in active markets at each reporting date is determined by reference to quoted market prices or dealer price quotations (bid price for long positions and ask price for short positions), without any deduction for transaction costs.


For financial instruments not traded in an active market, the fair value is determined using appropriate valuation techniques. Such techniques may include:

• Using recent arm’s length market transactions • Reference to the current fair value of another instrument that is substantially the same • A discounted cash flow analysis or other valuation models

An analysis of fair values of financial instruments and further details as to how they are measured are provided in Note 3. (j) Provisions

Provisions are recognised when the Company has a present obligation (legal or constructive) as a result of a past event, it is probable that an outflow of resources embodying economic benefits will be required to settle the obligation and a reliable estimate can be made of the amount of the obligation.

Where the Company expects some or all of a provision to be reimbursed, for example under an insurance contract, the reimbursement is recognised as a separate asset but only when the reimbursement is virtually certain. The expense relating to any provision is presented in the Statement of Comprehensive Income net of any reimbursement.

Provisions are measured at the present value of management’s best estimate of the expenditure required to settle the present obligation at the Statement of Financial Position date. If the effect of the time value of money is material, provisions are discounted using a current pre-tax rate that reflects the time value of money and the risks specific to the liability. The increase in the provision resulting from the passage of time is recognised in finance costs.

(k) Employee leave benefits Wages, salaries, annual leave, time-in-lieu and sick leave Liabilities for wages and salaries, including non-monetary benefits, annual leave and time-in-lieu are recognised in respect of employees’ services up to the reporting date. They are measured at the amounts expected to be paid when the liabilities are settled. Expenses for non-accumulating sick leave are recognised when the leave is taken and are measured at the rates paid or payable.

(l) Critical accounting judgments, estimates and assumptions In the application of the company’s accounting policies, management is required to make judgments, estimates and assumptions about the carrying values of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised if the revision affects only that period, or in the period of the revision and future if the revision affects both current and future periods.


3. FINANCIAL RISK MANAGEMENT OBJECTIVES AND POLICIES

The Company’s principal financial instruments comprise receivables, payables and cash. Financial Instruments

2014

$ 2013

$ Financial assets 1,527,9 1,501, Cash and cash equivalents 2,653,865 2,540,648 Trade and other receivables (current) 19,365 33,547 Total financial assets 2,673,230 2,574,195 Financial liabilities Trade and other payables (current) 1,427,091 1,414,786 Total financial liabilities 1,427,091 1,414,786

The Company does not enter into derivative transactions, including interest rate swaps and forward currency contracts. It is the Company’s policy that no trading in financial instruments shall be undertaken. The main risks arising from the Company’s financial instruments are liquidity risk and credit risk. The company’s processes for managing each of these risks are summarised below. Liquidity risk Liquidity risk arises from the financial liabilities of the Company and the Company’s subsequent ability to meet their obligations to repay their financial liabilities as and when they fall due. The Company manages its liquidity risk by monitoring the total cash inflows as budgeted and outflows expected on a quarterly basis. The company has established project and risk reporting covering its activities that reflect expectations of management of the anticipated project and activities receipts and payments. There were no financial guarantees issued by the company as at 30 June 2014. Liquid non-derivative assets comprising cash and receivables are considered in the Company’s overall liquidity risk. The Company ensures that sufficient liquid assets are available to meet all the required short-term cash payments and will mature within the next 12 months.

<= 6

months $

6-12 months

$

1-5 years

$

>5 years

$

Total

$ Year ended 30 June 2014 Financial assets Cash and cash equivalents 2,653,865 - - - 2,653,865 Trade and other receivables 19,365 - - - 19,365

Financial liabilities Trade and other payables 1,427,091 - - - 1,427,091 Net inflow/(outflow) 1,246,139 - - - 1,246,139

Credit risk Cash and cash equivalents, deposits and investments with banks and financial institutions are only placed with banks and financial institutions that are independently rated with a minimum rating of 'A'.

Market Risk The Company is not materially exposed to foreign exchange risk.


4. REVENUES & EXPENSES

5. DIVIDENDS PAID AND PROPOSED

The Constitution of the Company does not allow for the payment of dividends. Therefore no dividends have been declared or paid during or after the financial period (2013: nil). 6. CASH AND SHORT-TERM DEPOSITS

2014 $

2013 $

(a) Cash at bank and in hand 2,653,865 2,540,648 Cash at bank earns interest at floating rates based on daily bank deposit rates

(b) Reconciliation of net surplus after tax to the net cash flows from operations

Net surplus/(deficit) 85,296 985,550 Adjustments for: Depreciation Non-cash loss on disposal of PPE

2,608 1,149

2,152 -

Changes in assets and liabilities (Increase)/decrease in trade and other receivables (Increase)/decrease in prepayments

14,182 (18,182)

94,672 -

(Decrease)/increase in trade and other payables 12,305 (87,132) (Decrease)/increase in provisions 22,758 17,453 Net cash from/(used in) operating activities 120,116 1,012,695

7. TRADE AND OTHER RECEIVABLES (CURRENT)

2014

$ 2013

$ Net GST receivable 19,365 33,547

GST Business Activity Statements are prepared and lodged with the Australian Taxation Office on a quarterly basis

2014 $

2013 $

(a) Other income Government grant income 882 3,000 Consulting income 6,356 45,500 7,238 48,500 (b) Finance income/(costs) Interest income 36,859 31,987 (c) Administrative expenses Occupancy costs 30,546 25,079 Communication costs 8,730 28,208 Meeting costs 60,228 109,365 Other administrative expenses 342,795 106,838 442,299 269,490 (d) Employment expense Management, administration and director salaries 825,591 747,885


8. PROPERTY, PLANT AND EQUIPMENT Computer

Equipment $

Total

$ At 1 July 2012 net of accumulated depreciation 8,486 8,486 Additions - - Disposals - - Depreciation charge for the year (2,152) (2,152) At 30 June 2013 net of accumulated depreciation 6,334 6,334 At 1 July 2013 net of accumulated depreciation 6,334 6,334 Additions 6,899 6,899 Disposals (1,149) (1,149) Depreciation charge for the year (2,608) (2,608) At 30 June 2014 net of accumulated depreciation, additions, disposals 9,476 9,476 At 30 June 2013 Cost 9,528 9,528 Accumulated depreciation and impairment (3,194) (3,194) Net carrying amount 6,334 6,334 At 30 June 2014 Cost 16,427 16,427 Disposals (1,149) (1,149) Accumulated depreciation and impairment (5,802) (5,802) Net carrying amount 9,476 9,476

9. TRADE AND OTHER PAYABLES (CURRENT)

2014 $

2013 $

Trade creditors 84,710 - Research expense accrual 1,271,890 1,323,375 Accrued employee salaries 43,561 65,686 Accrued audit expense 26,930 25,725 1,427,091 1,414,786

Trade payables are non-interest bearing and are normally settled on 30-day terms. 10. PROVISIONS

2014 $

2013 $

Employee entitlements 62,004 39,246

11. COMMITMENTS AND CONTINGENCIES

There are no commitments or contingencies outstanding at the reporting date.


12. RELATED PARTY DISCLOSURES

The following table provides the total amount that has been paid to related parties during the period:

Compensation of key management personnel 2014

$ 2013

$ Short term employment benefits 574,172 533,203 Post term employment benefits superannuation 58,448 52,216 632,620 585,419

There are no balances or loans payable to or receivable from related parties at the reporting date. 13. EVENTS AFTER THE REPORTING DATE

There were no significant events to disclose after the reporting date. 14. AUDITORS’ REMUNERATION

2014

$ 2013

$ Amounts received or due and receivable by Ernst & Young (Australia) for: • an audit of the financial report of the entity

21,630

20,600

• an audit of the financial obligations identified in the Commonwealth Agreement

5,300

5,125

26,930 25,725


Ernst & Young8 Exhibition StreetMelbourne VIC 3000 AustraliaGPO Box 67 Melbourne VIC 3001

Tel: +61 3 9288 8000Fax: +61 3 8650 7777ey.com/au

Independent auditor's report to the Directors of CRC for Mental Health

Report on the financial report

We have audited the accompanying financial report of CRC for Mental Health Ltd, which comprises thestatement of financial position as at 30 June 2014, the statement of comprehensive income, statementof changes in equity and statement of cash flows for the year then ended, notes comprising a summary ofsignificant accounting policies and other explanatory information, and the directors' declaration.

Directors' responsibility for the financial report

The directors of the company are responsible for the preparation of the financial report that gives a trueand fair view in accordance with Australian Accounting Standards and the Corporations Act 2001 and forsuch internal controls as the directors determine are necessary to enable the preparation of the financialreport that is free from material misstatement, whether due to fraud or error.

Auditor's responsibility

Our responsibility is to express an opinion on the financial report based on our audit. We conducted ouraudit in accordance with Australian Auditing Standards. Those standards require that we comply withrelevant ethical requirements relating to audit engagements and plan and perform the audit to obtainreasonable assurance about whether the financial report is free from material misstatement.

An audit involves performing procedures to obtain audit evidence about the amounts and disclosures inthe financial report. The procedures selected depend on the auditor's judgment, including the assessmentof the risks of material misstatement of the financial report, whether due to fraud or error. In makingthose risk assessments, the auditor considers internal controls relevant to the entity's preparation andfair presentation of the financial report in order to design audit procedures that are appropriate in thecircumstances, but not for the purpose of expressing an opinion on the effectiveness of the entity'sinternal controls. An audit also includes evaluating the appropriateness of accounting policies used andthe reasonableness of accounting estimates made by the directors, as well as evaluating the overallpresentation of the financial report.

We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis forour audit opinion.

Independence

In conducting our audit we have complied with the independence requirements of the Corporations Act2001. We have given to the directors of the company a written Auditor’s Independence Declaration, acopy of which is included in the directors’ report.


2

OpinionIn our opinion the financial report of CRC for Mental Health Ltd is in accordance with the Corporations Act2001, including:

i giving a true and fair view of the entity's financial position as at 30 June 2014 and of itsperformance for the year ended on that date; and

ii complying with Australian Accounting Standards and the Corporations Regulations 2001.

Ernst & Young

Paul GowerPartnerMelbourne13 October 2014

Documents

Financial Annual Report... · 2020. 12. 16. · CRC#FORMENTAL#HEALTH#LIMITED#3! Corporate Information ABN 80-151-016-492 Directors • The Hon Dr Michael Wooldridge MBA, MMBS, BSc